CaixaBank issues USD 3 billion in its first triple-tranche transaction in the U.S. market

• The bank has issued three senior non-preferred bonds of USD 1 billion each, with maturities of 11, 6, and 4 years, respectively, all with a call option allowing for early redemption one year prior to maturity.

 June 26, 2025

CaixaBank has completed its first triple-tranche debt issuance in U.S. dollars in the American market, marking the bank’s fourth visit to the U.S. capital markets.

The first tranche was a 11-year senior non-preferred bond amounting to USD 1 billion, with an early redemption option in year ten. The pricing was set at 130 basis points (bps) over the U.S. Treasury benchmark (T), representing a tightening of 30 bps from the initial price thought (IPT) of 155–160 bps. The coupon was set at 5.581%.

The second tranche was a 6-year senior non-preferred bond at USD 1 billion with a call option in year five. IPTs were released at T+135bps area and in line with the shorter tranche, CaixaBank could carry out a 30bps move from IPTs to final landing of T+105bps. The coupon was set at 4.885%.

The third tranche is a 4-year senior non-preferred bond worth USD 1 billion, with a call option in year three. It was priced at T+90 bps, tightening 30 bps from the IPT of 120 bps. The coupon was set at 4.634%.

This marks CaixaBank’s fourth dollar-denominated issuance in the U.S. market, following its inaugural USD 1.25 billion senior non-preferred bond in January 2023, a USD 2 billion dual-tranche senior non-preferred issuance in September 2023, and another USD 2 billion dual-tranche senior non-preferred issuance in March 2024. This strategy supports the bank’s goal of diversifying its investor base in a large and liquid market like North America. Diversification allows access to a broader range of investors, resulting in lower funding costs and greater market appeal.

With this issuance, CaixaBank continues to strengthen its buffer of “bail-inable” liabilities, comfortably exceeding the MREL requirement, and reaffirms its commitment to building a “bail-inable” debt buffer that enhances protection for senior creditors and depositors.

So far in 2025, CaixaBank has completed five public issuances. In addition to today’s issuance, the bank issued EUR 1 billion in Additional Tier 1 (AT1) instruments and EUR 1 billion in senior non-preferred bonds in January. In February, it issued EUR 1 billion in subordinated debt (Tier 2). In June, it successfully closed a dual-tranche senior preferred issuance: EUR 1 billion in green format and EUR 500 million in floating rate notes.

Disclaimer

This document does not constitute an offer of securities for sale in the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. There will be no public offering of the securities in the United States in connection with this transaction.